RICHMOND, Calif., April 12,
2023 /PRNewswire/ -- SunPower (NASDAQ:SPWR), a
leading residential solar technology and energy services provider,
today announced that it has secured financing commitments of more
than $450 million for its residential
solar and storage loan program from HASI (NYSE: HASI), a leading
investor in climate solutions, and from Crédit Agricole CIB, a
pioneer in sustainable finance. The vehicle will acquire loans made
to SunPower customers and is non-recourse to SunPower. Through this
transaction, SunPower Financial will continue to provide customers
with attractive loan options at tenors up to 25 years for their
transition to a cleaner and lower-cost future.
![SunPower Logo. (PRNewsFoto/SunPower Corp.) SunPower Logo. (PRNewsFoto/SunPower Corp.)](https://mma.prnewswire.com/media/479475/SunPower_Corp___Logo.jpg)
"Among our leading value propositions is full consumer choice
when it comes to how our customers purchase our solar and storage
systems. We continue to build and strengthen our suite of
world-class financing products to meet growing demand. This new
transaction also illustrates the health and resilience of consumer
credit markets during the recent period of shifting conditions,"
said Guthrie Dundas, SunPower
interim chief financial officer. "We are proud to work with
financing partners who share our commitment to clean energy and
feel confident that we have access to the capacity to meet growing
demand with attractive loan financing for years to come."
"We are thrilled to expand our long-standing partnership with
SunPower by investing in residential solar and storage loans,
further increasing our growth opportunity," said Marc Pangburn, Chief Financial Officer of HASI.
"The ongoing growth of our SunStrong joint venture uniquely enables
programmatic transactions that support SunPower in delivering
affordable clean energy to its customers."
SunPower launched SunPower Financial™ in 2021 to help make
switching to solar even easier. With SunPower Financial, SunPower
offers a seamless solution for purchasing solar and other home
energy services through a single provider, including design, sales,
installation, warranty and financing. In 2022, SunPower's loan
business grew 99% year-over-year.
U.S. Department of Treasury Issues Inflation Reduction Act
Guidance and Bonus Tax Credit Qualification for Residential Lease
Projects in Energy Communities
In addition to loans, SunPower has also been a national leader
in the provision of solar lease financing to customers through its
partnership with HASI. SunPower plans to participate in the new
Treasury bonus incentive program through the provision of lease
financing to customers in qualified Energy Communities, or areas at
the forefront of the energy transition. This is in addition to the
recent extension of the 30% solar investment tax credit, from which
customers already benefit.
"The new guidance is a great opportunity to ensure many more
Americans receive the critical bill savings and job growth benefits
residential solar and battery storage provide," said Jason MacRae, executive vice president of
Financial Products, SunPower. "We continue to work with our
financing partners to grow SunPower's lease financing facilities in
anticipation of continued strong customer demand, which is further
boosted by this bonus credit."
Treasury guidance can be accessed at
https://www.irs.gov/pub/irs-drop/n-23-29.pdf.
About SunPower
SunPower is a leading solar and energy services provider in
North America. SunPower offers the
only solar + storage solution designed and warranted by one company
that gives customers control over electricity consumption and
resiliency during power outages while providing cost savings. For
more information, visit www.sunpower.com.
About HASI
HASI (NYSE: HASI) is a leading climate positive investment firm
that actively partners with clients to deploy real assets that
facilitate the energy transition. With more than $9 billion in managed assets, our vision is that
every investment improves our climate future. For more information,
please visit www.hasi.com.
About Crédit Agricole Corporate and Investment Bank (Crédit
Agricole CIB)
Crédit Agricole CIB is the corporate and
investment banking arm of Credit Agricole Group, the 10th largest
banking group worldwide in terms of balance sheet size (The Banker,
July 2022). More than 8,900 employees
across Europe, the Americas,
Asia-Pacific, the Middle East and Africa support the Bank's clients, meeting
their financial needs throughout the world. Crédit Agricole CIB
offers its large corporate and institutional clients a range of
products and services in capital markets activities, investment
banking, structured finance, commercial banking and international
trade. The Bank is a pioneer in the area of climate finance, and is
currently a market leader in this segment with a complete offer for
all its clients. For more information, please visit
www.ca-cib.com.
Forward-Looking Statements
This press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding expected business plans, customer
financing offerings and capabilities, expected demand and our
ability to meet it, and cost savings. These forward-looking
statements are based on our current assumptions, expectations, and
beliefs and involve substantial risks and uncertainties that may
cause results to materially differ from those expressed or implied
by these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to,
regulatory changes and the availability of economic incentives
promoting use of solar energy and fluctuations or declines in the
performance of our solar panels and other products and solutions. A
detailed discussion of these factors and other risks that affect
our business is included in filings we make with the Securities and
Exchange Commission (SEC) from time to time, including our most
recent report on Form 10-K, particularly under the heading "Risk
Factors." Copies of these filings are available online from the SEC
or on the SEC Filings section of our Investor Relations website at
investors.sunpowercorp.com. All forward-looking statements in this
press release are based on information currently available to us,
and we assume no obligation to update these forward-looking
statements in light of new information or future events.
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SOURCE SunPower Corp.